Filing Flows › Independent Bank (IBCP) › Q1 2025
Independent Bank (IBCP) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Independent Bank (IBCP) reported revenue of $54.1M for the first quarter 2025 (Q1 2025), +3% from a year earlier and -13% from the quarter before. Operating margin was 35.3%, net earnings $15.6M (28.8% of revenue).
Independent Bank, Q1 2025: revenue $54.1M (+3% year over year), operating margin 35.3%, net earnings $15.6M, operating cash flow $31.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $54.1M | -13% | +3% |
| Operating profit | $19.1M | -16% | -4% |
| Net earnings | $15.6M | -16% | -3% |
| Operating cash flow | $31.7M | +94% | +52% |
| Free cash flow | $30.6M | +147% | +52% |
What changed
Revenue was $54.1M in Q1 2025, up 3% year over year and down 13% from the previous quarter.
Operating profit was $19.1M, a 35.3% margin (down 2.2 points year over year). Operating profit fell $695K even though revenue rose $1.4M versus a year earlier, so costs grew faster than sales. Total costs grew 6% against revenue growth of 3%. Net earnings were $15.6M, down 3% year over year. The effective tax rate was 18.5%.
Operating cash flow was $31.7M (up 52% year over year), 203% of net earnings. Non-cash charges added back $2.4M of depreciation and amortization and $758K of share-based compensation. Working capital and other items added $13.0M. Capital expenditures of $1.1M left free cash flow of $30.6M.
Questions
What was Independent Bank's revenue in the first quarter 2025?
Independent Bank (IBCP) reported revenue of $54.1M for the first quarter 2025 (Q1 2025), +3% from a year earlier and -13% from the quarter before.
Was Independent Bank profitable in the first quarter 2025?
Operating profit was $19.1M (35.3% of revenue) and net earnings $15.6M.
Source: Independent Bank 10-Q on SEC EDGAR.